But running a SC does have overhead and risk. It seems obvious to me that companies will use the mainchain if possible (that is, it scales and can capture the transaction). There are significant number of people who don't want the main chain to scale, for various reason. Sidechains provide those people both with an argument against scaling the main chain, and it creates a group of people with a financial interest in preventing the main chain from adopting new features which might render particular sidechains less necessary. The latter part wouldn't be such a big deal if Blockstream wasn't so closely connected with Bitcoin Core development. |
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You and brg444 have made that abundantly clear.
JR's scenario: - how about we replace all money with sidechains! -> fantasy world - Every restaurant in the world will create their own sidechain currency which they can mine via proof of cooking. -> alt-coin It has nothing to do with SC. Yes, I was being sarcastic. You brought up this idea of using "proof of protein folding" in some kind of convoluted SC scheme,and I was trying to illustrate why, instead inventing new blockchains, it might just be easier and more efficient to just pay people for what you want them to do directly. You know, just like every other product and service in the economy, Also, the last bit was a quote from here: http://nakamotoinstitute.org/mempool/appcoins-are-snake-oil/ |
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1. I'll fund SC.
2. You will Protein folding me "data"
3. then you will be able to withdraw BTC from SC.
I have a much better idea - how about we replace all money with sidechains! Every restaurant in the world will create their own sidechain currency which they can mine via proof of cooking. Then customers pay by using the 2 way peg to buy some sidechain units from the restaurant, and the restaurant will cash out via the 2 way peg to pay their suppliers. Or, even better, they will do atomic swaps for their own proof of cooking sidechain units for their supplier's proof of delivery sidechains or proof of plumbing sidechains. This is so much better than just having money. A whole new world of possibilities is upon is. We could invent the barter system again except improve it by adding trade barriers and a bunch of imaginary extra goods that aren't useful for anything but that people are required to trade with for some reason. |
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Useful proof of work also changes incentives "Useful proof of work" is an oxymoron. If the computations are useful, then they are a proof of nothing. |
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how do i free up a stuck tx? sent when Armory wasn't synced.
4a70836bf8b958c03fa1c1a5e5318f3b51368c1120e55b49c2cf0d6a8ea0f786
If it never got broadcast, then double-click on the transaction, Copy Raw Tx (Hex), then paste here and submit: https://blockchain.info/pushtx |
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Reminder for those who missed it the first time around: We at Hive agree that so-called crypto-currency is not money
...
We of Earth love our novelty, and I in particular find the idea of artificial digital scarcity so painfully fucking boring that I'm going to spend my time making your world view more difficult to sustain, as both a career and a hobby.
Thanks for posting that quote. I saw it the first time around, but didn't bookmark or otherwise save the link. I was looking for it recently because I wanted to show somebody what a douchebag that guy is and why never to use their wallet. |
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so you've been snooping on our sidechains debate all along heh  Based on the occasional snide comments I see posted in other parts of the 'net, lots of people are watching this thread without commenting. |
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i loled at teh comments, i loved this one: They should really start naming the black markets after big companies and celebrities. Then, when the news of a shutdown occurs, people will be confused. "What? They shut down the Microsoft drug marketplace?" "Hey dude! You're doing lots of business! Want to bulk buy some illegal drugs from me? Let's chat on skype a bit more! Sincerely, Definitely Not An FBI Informant." |
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The more things which distract you from distributed crypto-currencies the better. If you're counting on that, you're gonna have a bad time. |
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Cyph gets his education in mining economics from 'Alien!' and Justus get's his strategy from 'Star Wars'. Wonderful. Why do you care so much? I'm just a lemming, right? Why does it matter where I get any strategy from? |
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Yeppers, and those of us that saw that in the theaters when it first came out have been here lining up this shot all along. Someday, Justus, when we are alone, and I'm feeling good... I will tell you some stories about this and the cypherpunk connection that will absolutely blow your mind. Just be sure to remind me to do so when the time comes, so I don't get senile and start talking about sleds named rosebud or something.  I don't think I'm ever remiss in acknowledging the work people in preceding generation did to set this up. At this point, however, anyone in those generations either helped get us to this point, or they didn't. If they didn't, it's too late for them now. |
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Please don't remind me how many I sold at $3. I was turning a steep profit at $1... then shit tripled and I got excited  . Too late for you, but maybe this warning will help somebody else: http://www.youtube.com/watch?v=NG1qooBzE2w |
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http://nakamotoinstitute.org/b-money/I am fascinated by Tim May's crypto-anarchy. Unlike the communities traditionally associated with the word "anarchy", in a crypto-anarchy the government is not temporarily destroyed but permanently forbidden and permanently unnecessary. It's a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations. The cypherpunks have been lining up for this shot for nearly three decades.  "The target area is only two meters wide. It's a small thermal exhaust port, right below the main port. The shaft leads directly to the reactor system."
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You may or may not have notice who seems to be running the show in most countries. It is said that "Old age and treachery beats youth and skill every time."  Maybe you missed this, but we're doing cryptography here. http://en.wikipedia.org/wiki/CryptographyCryptography (or cryptology; from Greek κρυπτός kryptós, "hidden, secret"; and γράφειν graphein, "writing", or -λογία -logia, "study", respectively)[1] is the practice and study of techniques for secure communication in the presence of third parties (called adversaries).[2] More generally, it is about constructing and analyzing protocols that overcome the influence of adversaries[3] and that are related to various aspects in information security such as data confidentiality, data integrity, authentication, and non-repudiation.[4] Modern cryptography intersects the disciplines of mathematics, computer science, and electrical engineering. It's an entire field dedicated toward using math to reduce the ability of people like you to "run the show." |
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what am i?
Old enough to either already have a clue, or be too late to save. Fortunately you picked the former category. |
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You might be right, but what if you're not? If you put in a moderate amount and shit hits the fan, you'll be well of. If it doesn't you're also well off since you risked a moderate amount. You can 'go all in' now and be VERY well off, but it'll be shit when either bitcoin fails, the system gets an sublime intervention or for w/e reason the projected scenario doesn't play out. Wiping out you're entire savings now will have a large impact later in life (power of compounding). So since i'm advising people, I advise a reasonably safe move. If people can/want to risk more, they should imo (which is what I tell them then). I'm talking here about people with more than 5-10k savings, if you've less than that, I agree with you that the % should be higher.
To clarify, I'm using myself as a base scenario. i'm mid/end 20's and have build up some savings (mid 5 fig's) over the last years with a well paid job, poker and bitcoin (i've been a buyer since feb '13). I have no debt (no mortgage, not buying in this market). I own gold/silver (phys) some stocks (which i've been liquidating the last months) some currency (home/foreign) and a lot of crypto. I'd say the ratio's are 15%, 10%, 25% 50%. This is a portfolio i'm very comfortable with at the moment. To be fair, I do have a healthy (above average) appetite for risk. For people in a similair situation (steady influx of money/time horizon/savings/etc) I feel comfortable advising 5-10% for the reasons stated above. More if they are more like me riskwise.
I think moving all in wouldn't be the optimal play for me. I'm talking about people who have the ability and opportunity to develop useful skills, who are early in their career. The most important part of what I suggested was the actions wherein they acquire and hone useful skills. If somebody at age 25 gets unlucky with asset allocation but has marketable skills it's no big deal because they can just earn it back again. For anyone over 40 I have no advice, because they don't matter any more - their contribution to how the future will look has ended or is close to ending. |
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Also makes me think of one of cypher's earlier tweets:
"its also the way out for the Millennials to escape the debt hole we Boomers r forcing upon them."
I think this is key. I'm actively advocating such an escape in my social circles (being one). Not many of us (understatement) are thinking/reading up about these issues, let alone take precautions. A 5-10% bet of your networth would set you and others right if the time would ever come. If 'that time' doesn't come, there's still a great chance that your holdings have increased in value. Potential downside is limited to the amount you're willing to put in, upside is unkonwn. Asymmetrical as f***. Just makes so much sense to me. People in the earliest stages of their lives should not be thinking in terms of "5%-10% of net worth," because they probably don't have any yet. Millennials should be going into full exit mode: move what savings they out of fiat and into Bitcoin, and start building work experience/ businesses in the Bitcoin economy. It's not like anything of the present system is going to be left by the time they get to retirement age, so they'd do well to escape from it as rapidly as possible. Kinda sucks for the Boomers who aren't going to find another generation to hold the bag for them, but being old means they had all their lives to prepare for the end of an unsustainable system. |
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I think committed UTXO sets will eventually be secure enough that not even miners will store the full, unpruned history all the way back to the genesis block.
Once that objection has been answered, and once price discovery for bandwidth has been achieved, there won't be any credible reasons to have an explicit transaction rate cap.
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